Futures Markets and the Fluctuations in Inflation, Monetary Growth, and Asset Returns
AbstractInflation and nominal interest rates have been volatile in recent years. Futures contracts in price indices would help in this environment by enhancing information about prices and by providing a convenient means for people to hedge against inflation. There is some evidence that the availability of these instruments would encourage investment and reduce the mean real rate of return on long-term bonds. Indexed bonds--which are now significant in Britain--serve a similar purpose. IN the absence of such bonds, there would be a market for price-index futures, although the volume of trading would probably be modest.
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Bibliographic InfoPaper provided by Harvard University Department of Economics in its series Scholarly Articles with number 3475682.
Date of creation: 1986
Date of revision:
Publication status: Published in Journal of Business -Chicago-
Other versions of this item:
- Barro, Robert J, 1986. "Futures Markets and the Fluctuations in Inflation, Monetary Growth, and Asset Returns," The Journal of Business, University of Chicago Press, vol. 59(2), pages S21-38, April.
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- Jayendu Patel & Richard J. Zeckhauser, 1987. "Treasury Bill Futures as Hedges Against Inflation Risk," NBER Working Papers 2322, National Bureau of Economic Research, Inc.
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